Coworking spaces have changed the traditional way of working. With beanbags, cafes and libraries, the shared spaces are jazzed up to attract millennials and match up with the startup culture.
Along with offering flexibility of location and timing and a fun atmosphere to employees, these spaces allow enterprises to lock in costs for future projects and enjoy the flexibility of occupancy in tenure and scale. In India, the industry is gaining strong foothold at a fast pace.
The Size Of Coworking Industry In India
According to The State of the Startup Ecosystem Report by Inc42, which tracked the developments in the ecosystem last year, India had over 300 coworking spaces with over 720 centres and a total area of 15 Mn sq ft. After being adopted in Tier 1 cities, the trend is now spreading its wings to Tier 2 and Tier 3 cities as well.
Besides the likes of WeWork, Innov8 backed by OYO Workspaces, 91springboard and Awfis, other notable players in the Indian market include GoWork, BHIVE Workspace, Cowrks, VorqSpace, Base Station, SproutBox, myHQ, AltF CoWorking, GoHive, Yessworks, Ideashacks and others. With so many players, the competition has skyrocketed over the years.